Only 150 transactions were made on day one of Coinbase's NFT marketplace

It couldn't have come at a worse time as the U.S.'s largest exchange just entered the NFT market.

Anyone can sign up on the new platform, which was launched on Wednesday. The first day did not go well.

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There were only a few transactions made yesterday. By the end of the day there were only 40 more. This was less than $75,000 in sales. At the close of the day, the platform had 1, 120 users.

Day two doesn't seem to be any better. There were around 105 transactions for a total of around $119,500 on Thursday. Slow growth is suggested by the most recent user total of 1, 215.

The most popular NFT marketplace, OpenSea, recorded $124 million in transactions on May 3.

The NFT platform is still in the testing phase. The platform went public with 972 users who were grandfathered in from the private testing phase.

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The current state of the NFT market does not offer much hope that things will improve soon. NFT sales have fallen 92 percent since their peak last year, to an average of 19,000 transactions per week, according to a recent Wall Street Journal report. The decline in active wallet was 88 percent.

Even though it was announced in October, it was late to the game. The public launch of the NFT platform took place on Wednesday. Analysts think that it will take $300 million to get the NFT marketplace up and running.

It is clear that there is a long way to go before there is a competition with OpenSea. It is clear that the NFT marketplace has a long way to go to make sense.